Table of Contents
- Procurement Services
- Fiscal Year-End-Close Activities Calendar
- Department Transaction Report Update
- Tax Exemption Update from PCard
- New Mandatory Office Supplies Contract – The Supply Room Company
- New Optional-Use Car Rental Contract: Enterprise and National Car Rental
- Controller’s Office
- Grants & Contracts Accounting/Effort Report Updates
- Effort Reporting and ECRT Updates
Fiscal Year-End-Close Activities Calendar
Please access the below link for a list of Fiscal Year End transaction cutoffs pertaining to Procurement Services, including invoices, POs, requisitions, receiving, contract approval, travel and personal expenses. Please make best attempts to process your transactions before the stated deadlines otherwise they may not be processed on time.
Receiving is an intricate part of our payment process all year long and is especially important now as we approach year end. Receivers for purchase orders should be entered in Banner as soon as the product is received or the services are rendered; invoices will not be paid by the due date if the receiver is missing. There is a weekly automated listing of all invoices/documents that have been entered in Banner for payment as well as monthly email reminders in regards to missing receivers. Please review the notices and promptly respond.
If there are old issues included on your report, please send a detailed listing as well as the reason it should be removed to email@example.com and we will work to clean up the data.
Thank you in advance for your cooperation and attention.
Department Transaction Report Update
The Department Transaction Report has been updated to reflect GL Allocations. The old report contained the column “Amount,” and the new report contains the column “Item Price.” Item price accurately shows the amount allocated to each index in the event of a split allocation. This will assist you in your monthly reconciliation.
For instructions on running reports, please see the updated instructions available Run_Reports_in_BOA_Works.pdf.
If you have questions regarding reports, please contact at CorpCard@vcu.edu.
Tax Exemption Update from PCard
As of April 22, 2016, all state agencies are exempt from paying taxes on catering and the purchase of food and meals. This means that departments should not pay tax on food, meals, catering and services related to catering purchased on a PCard. Please note: tax will be charged on all items purchased and/or shipped outside of the Commonwealth in accordance with the laws of each state.
The full text of the new policy begins on page three of Tax Bulletin 16-3 available Learn about Compliance.
Please download a copy of the new Sales and Use Tax Certificate of Exemption Form for use with all vendors.
Please contact at CorpCard@vcu.edu if you have any further questions or requests.
New Mandatory Office Supplies Contract – The Supply Room Company
Beginning June 1st, VCU has a new mandatory university-wide contract for office supplies with The Supply Room Company (TSRC). By joining with TSRC, we are combining our buying power with that of other large Virginia universities, including UVa, JMU, George Mason, William & Mary, Longwood, and Mary Washington. With this tremendous combined spending volume, we are able to leverage excellent pricing and other incentives for VCU on a much greater level than before. As such, unlike in previous years, VCU will have only one office supplies contract, not two. The Supply Room catalog will be available in eVA starting June 1. Hardcopy catalogs have been distributed on campus and are also available upon request. For more information on the Supply Room contract, please visit the Procurement Services website: https://procurement.vcu.edu/i-want-to/make-a-purchase/buy-office-supplies/
New Optional-Use Car Rental Contract: Enterprise and National Car Rental
Beginning June 15, VCU will access a new VASCUPP Enterprise/National Car Rental contract, initially procured via the Educational & Institutional Purchasing Group (E&I). This new agreement will produce an overall rental rate reduction of approximately 2% for University car rentals, provide free roadside assistance (if the breakdown was not the fault of the renter), and generate a 1% rebate to VCU on all spend with Enterprise/National. VCU renters should experience no changes in their normal car rental procedures and should continue to use the same contract number to rent cars under this agreement. For more information and to view the new rental rates once they are active on June 15, visit: https://procurement.vcu.edu/i-want-to/travel/learn-about-transportation-options/#rental-vehicles
Travel encumbrances will not post after June 23rd. The posting will resume after year-end.
Any department who is prepaying FY17 expenses in FY16 must report the information to Financial Reporting. The information needed is the vendor, date of payment, period the payment covers, index and account charged, and the dollar amount of the payment. Please send this information to Heather Seymour at firstname.lastname@example.org.
If you have any questions, please contact the Accounting Help Line at 828-0388.
Year-End Processing Schedule
The year-end processing schedule has been posted to the Controller’s website. It can accessed at http://www.controller.vcu.edu/finreporting/yrendschedule.pdf.
Grants & Contracts Accounting/Effort Report Updates
FYI and further distribution:
GREAT NEWS! The fiscal year 2015 audit of VCU by the Auditor of Public Accounts has been published and is located at http://www.controller.vcu.edu/reports/CommonwealthOfVirginiaSingleAudit2015.pdf. There were no audit finding related to sponsored programs or grants and contracts! Give yourselves a standing ovation, and thank you for your continued efforts to minimize non-compliance at VCU!
YEAR END TIPS:
Be familiar with the Controller website “Year End Schedule”
Communicate with sub-recipients to submit invoices as timely as possible if needed to be paid in this fiscal year. Invoices submitted to AP after June 17 are at risk of not being paid.
BOA Procurement Card transactions – Transactions for May 14 – June 15 will be posted by June 23
Service Centers – No additional FY 16 entries after June 22
New Funds and Orgs in Banner – June 24 is the last day that new Funds and Orgs will be able to be created in Banner by the Controller Office or by G&C
PHAREDS – June 27 is the last date to process PHAREDS adjustments. Proactively reviewing Effort Statements with certifiers before a budget period or project ends is a great way to ensure accurate reporting and minimize compliance risks.
Labor encumbrances in Banner are only reflective of periods through June 9. Recalculations will take place on July 1. The Research Dashboard reflects encumbrances for active personnel through the project period.
VCU FERs – Please return forms to Accountants. Often times Banner may not reflect documentable pending salary and non-labor obligations incurred for the award year ending but not encumbered (GA Tuition, Animal Use charges, etc.) Otherwise Banner will be used to meet Sponsor Reporting deadlines.
Effort Reporting and ECRT Updates
Your assistance is needed with the upcoming and past due effort reporting deadlines:
Quarterly certifications period 12-10-15 to 03-09-16 are due by 06-14-16
Semester certifications period 12-25-15 to 05-09-16 are due by 08-14-16
Semi-Annual certifications period 12/10/15 to 06/09/16 are due by 10-21-16
Quarterly certifications period 09-10-15 to 12-09-15 were due by 03-14-16
Semester certifications period 08-10-15 to 12-24-15 were due by 03-21-16
Semi-Annual certifications period 06/10/15 to 12/09/15 were due by 04-21-16
Remember to conduct proactive reviews (especially before grants close-out), communicate frequently with your faculty to verify the accuracy of their commitments, and to complete the processing of all ECRT cards assigned.
Other Effort Links:
ECRT URL: https://ecrtprod.asauxweb.vcu.edu/ecrt
Effort Reporting’s website: http://www.controller.vcu.edu/grants/effort.htm
Helpful Tools: http://www.controller.vcu.edu/grants/ECRThelpfultools.html
Grants and Contracts Accounting/Effort Reporting extends our gratitude to you for all that you do to assist our office and to minimize non-compliance risks on sponsored programs at VCU. Please don’t hesitate to contact a G&C/Effort Reporting staff member if at any time you have questions that cannot be answered by content on the Controller/G&C website.